5 Top Tips For International Students Who Want To Be In The Money u s anti money laundering laws

Migrant life five top tips for international students who want to be in the money

The united kingdom is one of the most desirable places to study as a student. From the culture of liverpool and manchester to the prestige of oxbridge, hundreds of thousands of international students touchdown in the UK to better themselves. In fact, there are almost half a million making up 19% of the nation’s student population.

Life as an international student however is very different to studying in your home nation. The fees are much higher for a start, but even visiting the supermarket, dining out, or enjoying a night on the town can have very different financial implications.

Despite studying abroad being a truly marvellous experience – taking in a new culture, discovering a new way of life is highly recommended – international students do encounter a number of problems.U s anti money laundering laws

at transfergo we can empathise, and so have pulled together the five top international student financial tips as told by international students across the UK and the globe…

Arrive with plenty of currency

Making the switch to another country is of course a huge move no matter who you are, but when you’re enrolling at a new university however, it becomes a whole different ball game. There are forms to fill out, accommodation to settle into, clubs and societies to join, and then there’s the matter of making friends.

Barnabás hegedus is the president of the cambridge university hungarian society and when making the move from his home nation to, arguably, the UK’s best university he noticed spending mounting up during the early stages of studying.

He said, “international payments are expensive so it’s worth arriving with cash because there are many expenditures at the beginning of the first year.”

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Costs do add up during freshers week at university. There are books to be bought and societies may have small joining fees. That’s not to mention purchasing essentials for your accommodation, from cutlery to storage. If you’re constantly having to withdraw money

Open up a local bank account

The key to many savings when studying abroad lies with a local bank account. Opening an account will make other accounts much easier to manage, as well as everyday payments going through quicker and much more efficiently.

For members of the polish student society at the university of manchester this, along with adjusting to the higher prices of everything in the UK, is certainly the case. Malgorzata sz, a member of the society told us,

“having a british bank account is certainly an advantage, as in my accommodation they did not accept any currency exchange accounts or even polish debit cards.Also, the sooner you open the account, the easier it might be to get the british number (in the case of SIM cards there are no problems but if you want to have a phone with it, they check your bank account).”

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With the high contrast in prices between poland and manchester (you’d get a meal at a mid-range restaurant for just £17 in the former, while the same in manchester would cost approximately £45) looking for discounts and offers are worth seeking out.

Malgorzata added, “NUS card! Another great thing to invest in (£12 per year) and the discounts you get are awesome! (they accept it in various means of transport – mainly railway; restaurants, events etc.). So if one likes trying new things, exploring that is a must-have.”

Earn some extra cash

Katie gatens who moved from the UK to spain during her time at university recommended exactly the same as, when you’re new to a city or country, you aren’t as aware as the locals.

“there are tonnes of websites and message forums that share promo codes and offers in local bars and restaurants. Scour the internet for codes and vouchers and you can make huge savings – great if you’re a student.”

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Which of course will save you plenty of cash, but earning it was also a top tip from katie, and is definitely something to consider for students moving around the EU.

“throw yourself in at the deep end and get a part time job in a bar or café in a foreign-speaking country. You’ll meet locals, earn some cash and learn a huge amount of the language along the way.”

For many who study abroad for a period, it’s on a journey to becoming the teacher of a foreign language. Katie also recommended keeping an eye on notice boards in universities for students looking for (in her case) english language lessons. She added, “these language exchanges are a great way to earn a bit of extra cash and meet new people. They’ll also give you experience in teaching if that’s a career you want to go into.”

Communication is key

Another student who made the trip abroad from the UK rather than vice versa is elsa wilkes who settled down to study in paris, the world’s third largest tourist destination.U s anti money laundering laws over 30million tourists visit the french capital every year – many of them british – so communicating that comes highly recommended.

Elsa told us, “to avoid being taken as just another tourist make sure to learn a bit of the lingo and make sure that they are AWARE that you live there! Make it up, if you have only been living in a place a month, say you have been there for 6 months, and make sure you know locally how much a taxi/meal/dress/accommodation is!”

This will ensure that you’re not taken advantage of by locals; elsa also advised shadowing a colleague or friend from that nation in your early days there as it will also help you get a better deal in places.

When it comes to communicating with back home, it sounded like elsa had also learnt from experience…

“get skype credit! Calling by phone is the one way to lose all of your money in 30 mins!”

Treat your national dish as a special occasion

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When moving to a foreign country, your national dish instantly becomes a delicacy or exotic treat, which takes some getting used to.

For example, picking up a taco or burrito in the UK will likely set you back as much as £8, where as in their native mexico, that cost will likely be closer to 50p.

That means for mexicans, and many other international students, the cuisine you used to eat day-to-day becomes more of a luxury. Cesar zapata, a member of the manchester mexican society has noticed these struggles amongst other members, “it is very hard to cope with the fact that our mexican food is not widely available here in UK. Moreover, where it is available it has a high price.

“so we have to learn the hard way that, while we can get some of our native country’s products, these are only for special occasions. In a way, the country forces us to try the new things that are more available and cheaper here.”

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When it comes to saving and money being taken from his foreign bank account he also added, “since atms charge the same amount for every withdrawal, it is best to just take out all your month allowance at once and then deposit it in a british bank, which of course does not charge for withdrawals.”

We’d love to hear your recommendations for international students that are ready to settle down to study abroad. You can tweet us @transfergo or comment below.